Term life insurance policies do not have a cash value. Unlike permanent life insurance policies, such as whole life or universal life insurance, term life insurance is designed to provide coverage for a specific period of time, typically 10, 20, or 30 years. Term life insurance policies do not accumulate cash value because the premiums paid are used solely for the cost of insurance coverage. If the insured person passes away during the term of the policy, the death benefit is paid out to the beneficiaries. However, if the policyholder outlives the term of the policy, there is no payout or cash value. It's important to note that while term life insurance does not have a cash value, it can still provide valuable financial protection for your loved ones in the event of your death.